The bankrupt cryptocurrency exchange, FTX has staked
crypto assets worth $150 million in Solana’s SOL and Ether (ETH). Blockchain
addresses connected to the crypto exchange show that over 5.5 million SOL,
valued at $122 million, and just over 24,000 ETH, worth $30 million, have been
staked, Coindesk reported.
Staking involves locking up cryptocurrencies on a
blockchain to assist in maintaining the network, and, in return, participants
receive token rewards. This move by FTX is expected to yield a return as the
crypto exchange’s Founder, Sam Bankman-Fried (SBF), faces trial.
FTX’s SOL tokens were staked on Figment, a popular
staking platform. Here, the staked amount is expected to earn an annual return
of 6.79%. This could potentially result in over $8 million in compounded SOL
tokens over time. Meanwhile, Ethereum transactions have shown that the ETH was
staked directly on the network, with an annualized return of 3.4%, translating
to around $1 million in ETH tokens.
#CryptoNews: Over 5.5 million #Solana (SOL) were sent by an #FTX-identified wallet to #Figment, a staking validator service catering to institutional investors. 👀https://t.co/gSXPVBeGwz
— CoinMarketCap (@CoinMarketCap) October 16, 2023
FTX’s connection to Solana dates back to its early
investment in the blockchain
